An easy technical way to get the price and volume strength of stocks is to take the current price and subtract it from the trend price measured by the 200-day moving average.
This provides a way to look at the relative strength of the two against each other.
What the numbers are saying right now is on June 7th volume peaked while prices peaked a day later. Since then:
Volume has dropped over 100% on lower lows while prices have dropped over 55% on lower highs.
What this means is the trend in stocks has paused almost completely. However.
The short term trend in volatility measured by the 5 day moving average of the S&P 500 CBOE VIX aka “fear index” is still up 17% since the S&P 500 volume peaked and up 8% since the S&P 500 price peak.
One might conclude that despite there still being plenty of fear in existence to drive stocks down, a catalyst is needed to push it in that direction. If the underlying trend in fear and uncertainty is formidable then any sudden shock will most likely jolt stock prices in decline with a reversal in volume. With aggregate mood already way down all, a major headline story/narrative could easily set it quickly in motion.